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State Guide31st StateEst. 1850
California State Flag

California CA

"The Golden State"

The most populous and economically powerful state in America. From Silicon Valley to Hollywood, Yosemite to the beaches of Southern California, few places on Earth match its diversity, innovation, and natural beauty.

California state finances at a glance

State Debt - FY2024

$166.4 billion

Total state government debt outstanding at the close of fiscal 2024, including long-term bonds and short-term borrowing across state agencies and public universities.

Tax Revenue - FY2024

$265.6 billion

Total California state tax collections in fiscal 2024, led by the individual income tax ($123B) and the general sales tax ($53B).

Borrowing

California borrows mainly through voter-approved general obligation bonds and lease-revenue bonds, sold to investors, mutual funds, banks, and insurers in the municipal market. Separately, the state still owed the federal government roughly $20 billion in fiscal 2024 for pandemic-era unemployment benefits, a loan repaid through higher federal payroll taxes on California employers. The state reported about $5.4 billion in interest on its debt in fiscal 2024.

Source: U.S. Census Bureau, 2024 Annual Survey of State Government Finances.

31st
State admitted to the Union
39.2M
Population, largest state
164K
Square miles
5th
Largest economy in the world
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